Labour notes issued by the National Equitable Labour Exchange, founded in 1832 by Robert Owen (1771-1858).

The Exchange originally located in Grays Inn Road, London but from 1833 housed in Charlotte Street, operated as a depot where workers could exchange products they had made by means of labour notes representing hours of work. The Exchange was initially successful and branches opened in South London and Birmingham, but disputes over the value of products and the time taken to make them led to the failure of the experiment and all the branches closed in 1834.

Women workers at the Grays Inn Exchange mainly needlewomen and shoemakers, were initially paid at a lower rate than men and many refused to sell their goods there unless they were offered equal terms.